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Saraswat Bank Housing Loan

Loan amountUp to 80% of Property Value
Rate of interest7.50% onwards
TenureUp to 30 years
Lowest EMI possibleRs. 699 Per Lakh
Processing feeNIL
Foreclosure ChargesNil for floating rates
Penal Interest Rate2% per month

Established in the year 1918, Saraswat Bank has been sufficing the financial needs of its customers. Fighting all odds through a century, Sarawat Bank is one of the largest urban cooperative banks catering to a large sector of the country’s population. The bank has been upgrading the technology while keeping the tradition intact. Besides several retail and commercial products, the bank also offers various digital services as well. Among the retail products, Saraswat Bank Home Loan has gained popularity owing to the attractive interest rates, flexible repayment options and various schemes under the product.

Also Read - Home Loan Tax Benefits

Saraswat Bank Home Loan Details

Saraswat Bank offers home loans at an interest as low as 7.50% p.a, which is also among the lowest prevailing rates in the market. The bank also provides options for home loans like Vastu Siddi Home Loans or Pradhan Mantri Awas Yojana that is specially meant for the low and middle-income groups with interest subsidies proportionate to the loan value. The maximum repayment period for the Saraswat Home Loan will be 30 years. A substantial amount of up to Rs.70.00 lakhs or 85% of the project cost, along with stamp duty and registration charges, will be provided.

Also Read - 7 Best Home Loans for Pensioners

Why Saraswat Bank Home Loan?

Saraswat Bank Housing Loan is not only the most economical loan prevailing in the market, but there are various other reasons to choose the home loan.

  • There are various purposes for which the home loan will be provided depending on the individual need of the applicant.
  • The margin stipulated is as low as 15% of the project cost plus the stamp duty and registration, which sounds very lucrative.
  • The ROI starts at 7.50%p.a.which is the lowest among the rates prevailing in the market.
  • The processing charges are nominal, and there are no prepayment charges.
  • The eligibility criteria are simple.
  • The turnaround time for the loan processing is short.

Check for 50 lakh home loan EMI and apply easily on MyMoneyMantra.

Features and Benefits of Saraswat Bank Home Loan

The following are some of the salient features of the Saraswat Bank Housing Loan.

  • Purpose: Saraswat Home Loan is provided for the purchase of a ready built house/flat, for house construction on an already owned plot, for the repurchase of a flat/house, for repairs and renovation/extension of the existing house and for taking over of home loans from other financial institutions
  • Loan Quantum: The maximum loan amount will be Rs. 70.00 lakhs or 85% of the project cost plus the stamp duty and registration charges, whichever is lower.
  • Rate of Interest: It starts at 7.50% and goes up to 9.50% p.a. The rate of interest depends on the quantum of the loan and the credit score.
  • Tenure: The maximum repayment period for Saraswat Bank Home Loan is 20 years.

The benefits of Saraswat Bank Home Loan are:

  • A top-up loan up to Rs. 50.00 lakhs for repayment of outside debts or for repairs and renovations of the existing house.
  • The maximum loan provided for repairs and renovations in metros will be Rs.10.00 lakhs and Rs. 6.00 lakhs in other areas.
  • The ROI for top-up loans is 8.00%
  • A combo offer for Vastu Siddhi Home Loan Customers by way of pre-sanctioned Car Loans up to Rs.6.00 lakhs with nil processing charges.
  • The combo offer is for customers who have availed of a loan of Rs.50.00 lakhs and above.
  • A pre-sanction credit card with limits based on the home loan amount will be provided.

Also Read - Tax Benefit on Second Home Loan

Saraswat Bank Home Loan Processing Fees, Other Charges

The following are the Saraswat Bank Home Loan Processing fees and other charges:

Processing Charges:

  • For loan amount up to Rs. 35.00 lakhs: Nil
  • For loan amount above Rs. 35.00 lakhs and up to Rs. 50.00 lakhs: Rs. 10000/-
  • For loan amount above Rs.50.00 lakhs up to Rs.70.00 lakhs: Rs. 20000/-
  • For Takeover loans: Rs. 10000/-

Prepayment/preclosure charges:

For loans that are availed at a floating rate of interest by individuals: Nil

Also Check - Check for 25 lakh home loan EMI and apply easily on MyMoneyMantra.

Saraswat Bank Home Loan Interest Rates

The Saraswat Bank Home Loan Interest rates given below are valid up to 31st December 2021

Loan AmountCredit Score above 750Credit Score less than 750 till 700/-1/0Credit Score below 700
Up to Rs. 35.00 lakhs7.50%8.00%8.50%
Above Rs. 35.00 lakhs and up to Rs. 70.00 lakhs8.15%8.50%8.60%
Above 70 lakh up to 140 lakh9.00%9.50%9.60%

Also Check - 20 Lakh Home Loan EMI Interest Rate

Saraswat Bank Home Loan Eligibility

The following are the eligibility criteria for Saraswat Bank Home Loan.

  • Salaried individuals, self-employed individuals, business people, professionals with a regular income
  • Two years of confirmed service is mandatory for salaried individuals.
  • The quantum of loan for salaried individuals with a credit score above 750 will be 70 times the average net take-home salary of the last three months or 85% of the project cost plus stamp duty and registration charges, whichever is less. However, the maximum loan quantum will be Rs. 70.00 lakhs.
  • The quantum of loan for salaried individuals with a credit score above 700 will be 65 times the average net take-home salary of the last three months or 85% of the project cost plus stamp duty and registration charges, whichever is less. However, the maximum loan quantum will be Rs. 70.00 lakhs.
  • The quantum of loan for the self-employed will be five times the average gross cash accruals for the last three years or 85% of the project cost plus stamp duty and registration charges, whichever is less. The maximum loan permitted will, however, be Rs. 70.00 lakhs.

Also Check - Home Loan Eligibility of All Banks

Types of Home Loans Offered by Saraswat Bank

Saraswat Bank provides various types of home loans, the details of which are given below.

Vastu Siddhi Home Loan

PurposeFor purchase of ready built house/flat, for construction of a house, for the repurchase of a house/flat and for transfer of home loan from other financial institutions.
Quantum of loanThe maximum loan amount will be Rs. 70.00 lakhs
Basis of Advance

1.85% of the project cost plus stamp duty  and registration charges 

or

2. 70 times the average net take-home salary for the last three months in

    the case of salaried individuals with a credit score over 750 and 65 

    times the average net take-home salary for the last 3 months in the   

    case of salaried individuals with a credit score less than 750.

    5 times the average gross accruals for the last 3 years in the case of  

    the self-employed/businessmen/professionals.

The lesser of 1 and 2 will be considered.

The project for construction will be the cost of the land plus construction. The cost of the land should not be over 65% of the total project cost and the construction should be completed within 2 years

The project cost for the repurchase of a house/flat will be the Agreement cost or the market value whichever is lower.

Rate of interest750% to 9.50% depending on the loan amount and credit score  
Repayment periodMaximum 20 years
Processing fee

Nil for a loan up to Rs. 35.00 lakhs

Rs. 10000/- for loan above Rs. 35.00 lakhs to Rs.50.00 lakhs

Rs. 20000/- for loanloans above Rs.50.00 lakhs and up to Rs.70.00 lakhs

Rs. 10000/- for the loan taken over from other financial institutions

Pradhan Mantri Awas Yojana

This scheme was introduced specially for the Economically Weaker Section, Low Income and Middle Income Groups.

The features of this scheme are:

  • The beneficiaries of this scheme will comprise a family consisting of husband, wife and unmarried children.
  • An adult earning member, irrespective of whether married or unmarried, will be considered as a separate entity for the purpose of eligibility.
  • None of the family members should own a pucca house in any part of the country.
  • None of the family members should be recipients of assistance under the ‘Housing for all 2022’ scheme.
  • The property to be financed should be within the location specified by MoHUA under the scheme.
  • Aadhar seeding is mandatory for all the categories of the scheme and for all the beneficiaries.
  • The interest subsidy will be provided for a maximum of 20 years or for the tenure chosen by the applicant, whichever is earlier.
  • There is no limit on the loan amount or the project cost.
  • The amount exceeding the limit under the scheme will not be eligible for interest subsidy.

Important parameters under the PMAY CLSS Scheme

Income GroupMaximum income of the household per yearCarpet areaSubsidy for the maximum amountPercentage of Interest subsidyMaximum Subsidy
EWS/LIGUp to Rs. 600000/-No capUp to Rs. 600000/-6.50%Rs.2.67 lakh
MIG IRs. 600001 to Rs.900000/-160Rs. 600001 to Rs.900000/-4.00%Rs. 2.35 lakh
MIG IIRs.900001 to Rs. 1200000/-200Rs.900001 to Rs. 1200000/-3.00%Rs. 2.30 lakh

The asset created should have a woman owner in the case of MIG I and MIG II category. If there is no woman member in the family, then the property can be in the name of the male member of the family. However, this stipulation is only for the purchase of a new property and not for construction on an already owned property or for repairs or renovations to the existing house.

Also Read - Types of Home Loans Offered by SBI

Documents Required for Saraswat Home Loan

The following documents are required for Saraswat Home Loan.

  • Home Loan application form duly filled and signed along with two passport size photographs
  • Address Proof like Aadhar Card, Latest utility bills, Voter’s ID Card, Driving Licence,
  • Photo Identity proof like PAN Card, Passport, Aadhar Card, Driving Licence etc.
  • Income Proof for salaried individuals: Salary slips of the latest three months, Latest Form 16 and ITR, Bank Account statement for the last six months.
  • Income Proof for the self-employed: Audited Financial statements like Balance Sheet and Profit and Loss Account for the last three years, ITR for the last three years, Bank Account Statement for the last 12 months.
  • Property documents as required for the creation of mortgage depending on the purpose.

Also Read - Documents Required for SBI Home Loan

How To Calculate Saraswat Bank Home Loan EMI?

You can Calculate the EMI for Saraswat Bank Home Loan using the EMI calculator available on the website of MyMoneyMantra.

  • Access the website of MyMoneyMantra
  • Choose Home Loan EMI Calculator under Financial Tools
  • Provide the loan amount, interest and tenure
  • The EMI will be calculated immediately after hitting the calculate button.
  • You can also see the total interest payable, and the total amount payable for the tenure opted.
  • You can use the calculator multiple times by varying the loan amount and tenure till you get the EMI that is convenient for you.

Also Read - 7 Important Questions to Ask Your Home Loan Provider

How to Apply for Saraswat Bank Home Loan

Applying for Saraswat Bank Home Loan through the website is very simple. You will have to access the MyMoneyMantra website and complete the simple loan application by providing the details mentioned below.

  • Pick the gender
  • Mention the city of location
  • Give the location and market value of the property.
  • Mention the purpose of the loan
  • Enter employment type
  • Provide the income details
  • Enter the required loan amount
  • Enter your mobile number and email ID
  • OTP will be sent to your mobile number
  • Enter the OTP number and click on submit button.
  • On verification of the OTP, you will be directed to a page with collated details of the best deals as per your requirement.
  • Choose Saraswat Bank Home Loan.
  • The MyMoneyMantra team will contact you and will lead you through the loan process till the disbursement of the loan.
  • The service rendered will be free of cost.

Also Read - How to Apply for Home Loan with Low Income?

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Saraswat Bank Home Loan FAQs

✅What is the maximum loan amount that can be approved by Saraswat bank?

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The maximum loan amount is based on the credit score and the employment type, and the project cost. 

✅For salaried individuals with a credit score above 750

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85% of the project cost plus stamp duty and registration charges or 70 times the average net take-home salary for the last three months, whichever is less with a maximum of Rs.70.00 lakhs.

✅For salaried individuals with a credit score below 750

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85% of the project cost plus stamp duty and registration charges or 65 times the average net take-home salary for the last three months, whichever is less, with a maximum of Rs.70.00 lakhs

✅For self-employed individuals/business people/professionals

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Five times the average gross cash accruals for the last three years or 85% of the project cost plus stamp duty and registration charges, whichever is less, with a maximum of Rs.70.00 lakhs

✅What is the time required for loan processing?

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The turnaround time for the loan processing could be between 8 to 15 days, depending on the perfection of documents submitted.

✅What is the processing fee applicable to the home loan?

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The processing fee applicable will be based on the loan amount. The 25% discount on the processing fee offer is valid till 31st December 2021, and the rates are as given below:

For loans up to Rs. 35.00 lakhs: Nil

For loans above Rs. 35.00 lakhs and up to Rs. 50.00 lakhs: Rs. 10000/-

For loans above Rs. 50.00 lakhs and up to Rs.70.00 lakhs: Rs. 20000/-

For taking over loans: Rs. 10000/-

✅Is there any way of waving off the processing fee?

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The processing fee will be waived if the quantum of the loan is limited to Rs. 35.00 lakhs

✅Are there any other benefits offered by Saraswat Bank?

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Yes. There are several benefits offered by Saraswat Bank, along with a home loan. If you avail of a loan under the Vastu Siddhi Home Loan, you will be eligible for the following offers.

Combo Offer

  • A pre-approved fast car loan up to Rs..6.00 lakhs if the home loan amount is above Rs. 50.00 lakhs.
  • The net take-home salary of the applicant should be Rs. 30000/- after providing for the home loan as well as car loan EMIs.
  • The processing fee for the car loan will be waived.

Pre-sanctioned Credit Cards

For all Vastu Siddhi Home Loan applicants, pre-sanctioned credit cards with a limit depending o the loan amount availed.

For loan amounts up to Rs. 25.00 lakhs: Credit limit of Rs. 50000/-

For loan amounts above Rs.25.00 lakhs and up to Rs. 50.00 lakhs: Credit limit of Rs. 1.00 lakh

For loan amounts above Rs. 50.00 lakhs and up to Rs. 70.00 lakhs: Credit limit of Rs. 2.00 lakhs.

✅What is the security required by the bank for a home loan?

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The security required for Saraswat Home Loan will be

  • Equitable mortgage of the asset to be created out of the loan
  • Guarantee of the spouse of the applicant.
  • A personal guarantee will be required depending on the profile of the loan.